2018 0111 evercore_isi_final

2018 Evercore ISI Utility
CEO Conference
January 11, 2018

1
Safe Harbor
Forward Looking Statements
This presentation contains “forward-looking statements” about the business, financial performance, contracts, leases and prospects of InfraREIT, Inc. (the Company). Words
such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “guidance,” “outlook,” “target,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,”
“project,” “budget,” “potential” or “continue” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently
available information as to the outcome and timing of future events. This presentation also contains forward-looking statements that have previously been publicly disclosed by
the Company. These previously disclosed forward-looking statements should not be deemed reaffirmed or updated by their inclusion in this presentation. The Company’s
actual results, performance or achievements could differ materially from those expressed or implied by any forward-looking statements made in connection with this
presentation, and in no event should the inclusion of forecasted information in this presentation be regarded as a representation by any person that the results contained
therein will be achieved. Statements about the Company’s expectations regarding the impact of the Tax Cuts and Jobs Act, the Company’s review of its REIT election, the
Company’s anticipated financial and operating performance, including projected or forecasted financial results, distributions to stockholders, capital expenditures, debt ratios,
capitalization matters and other forecasted metrics, as well as any other statements that are not historical facts in this presentation are forward-looking statements that involve
certain risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. Factors that could cause actual results to differ materially from the
results contemplated by such forward-looking statements include, without limitation, the approach taken to implement the change in the corporate tax rate; the amount of
available investment to grow the Company’s rate base; decisions by regulators or changes in governmental policies or regulations with respect to the Company’s
organizational structure, lease arrangements, capitalization, acquisitions and dispositions of assets, recovery of investments, authorized rate of return and other regulatory
parameters; the Company’s current reliance on its tenant for all of its revenues and, as a result, the Company’s dependence on its tenant’s solvency and financial and
operating performance; the effects of existing and future tax and other laws and governmental regulations; the Company's failure to qualify or maintain its status as a real
estate investment trust (REIT) or future changes in the tax laws applicable to REITs; and insufficient cash available to meet distribution requirements. When considering
forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” included in the Company’s
filings with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated. Forward-looking statements speak only as of the date made and reaffirmed, and the Company disclaims any
obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Legend
This presentation contains certain financial measures that are not recognized under generally accepted accounting principles (GAAP). InfraREIT’s management uses non-
GAAP measures as important supplemental measures of its operating performance. For example, management uses the cash available for distribution (CAD) measurement
when recommending dividends to its Board of Directors. These non-GAAP measures are also presented because management believes they help investors understand
InfraREIT’s business, performance and ability to earn and distribute cash to its stockholders by providing perspectives not immediately apparent from net income. InfraREIT
has a diverse set of investors, including investors that primarily focus on utilities, yieldcos, MLPs or REITs. Management believes that each of these different classes of
investors focus on different types of metrics in their evaluation of InfraREIT. For instance, many utility investors focus on earnings per share (EPS) and management believes
its presentation of non-GAAP earnings per share (Non-GAAP EPS) enables a better comparison to other utilities. Management believes it is appropriate to calculate and
provide these measures in order to be responsive to these investors. Including the reporting on these measures in InfraREIT’s public disclosures also ensures that this
information is available to all of InfraREIT’s investors. The presentation of Non-GAAP EPS; CAD; net income (loss) before interest expense, net, income tax expense,
depreciation and amortization (EBITDA); Adjusted EBITDA; funds from operations (FFO); and adjusted FFO (AFFO) in this presentation are not intended to be considered in
isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, InfraREIT’s method of calculating these
measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do
not use the same methodology as InfraREIT. Reconciliations of these measures to their most directly comparable GAAP measures are included in Schedules 1-6 to this
presentation.

2
InfraREIT’s Investment Highlights
Attractive Asset
Portfolio
Strong Track
Record
Stable Cash Flow
» $1.5 billion in regulated electric transmission and wholesale distribution
assets (rate base)
» Increased rate base from $60 million in 2009 to $1.5 billion in 2017
» Successfully developed 300 miles and 4 substations in the CREZ
transmission system and significantly expanded the West Texas assets
» 100 percent of revenue driven by regulated asset base
» 90 percent of assets in transmission, remainder in wholesale distribution
(no end-use retail customers)
» Constructive regulatory framework in Texas
» Ability to submit interim transmission rate filings; minimizes regulatory lag
Constructive
Regulation
Strong Sponsor
Growth
Opportunities
» Hunt has long-term track record and relationships in Texas and the
Southwest
» High alignment between Hunt and other stakeholders
» Pro-business, high-growth state with growing infrastructure needs in West
and South Texas
» Well-positioned relative to future expansion of wind and solar generation
in the Panhandle, West Texas and South Plains
» Pipeline of projects with Hunt Developer

3
InfraREIT’s Transmission Assets
PANHANDLE
PERMIAN
BASIN
Transmission
HOUSTON
SAN ANTONIO
AUSTIN
DALLAS

Pipeline of Hunt Projects
4
Additional U.S. –
Mexico DC Ties
Generation Interconnections
South Plains
Reinforcement
Southline
Transmission
Project
Cross Valley
Transmission Line
Golden Spread
Electric
Cooperative (GSEC)
Interconnection
Lubbock Power &
Light Interconnection
Under Development
Operational; Owned by
Sharyland Utilities, L.P.
As of January 11, 2018
Nogales DC Tie

Q3 Highlights and Recent Events
5
 Solid Q3 2017 performance; most metrics slightly better than
expectations
 Increase in lease revenue of 4 percent driven by increased assets under lease, partially
offset by lower lease pricing (leases partially included a lower allowed cost of debt
assumption)
 Decrease in net income of 10 percent, primarily due to the lower lease revenue growth
than prior periods and asset exchange transaction expenses. Interest and depreciation
expenses tracked with the growth in assets placed in service
 Non-GAAP EPS of $0.36; compared with $0.37 in 3Q 2016
 Cash available for distribution (CAD) of $22.6 million
 $56.2 million of capital expenditures
 Rate case dismissal and asset exchange transaction with Oncor Electric
Delivery Company (Oncor)
 Completed November 9, 2017
 Key regulatory parameters in place until the next rate case, which will be filed in 2020,
based on a test year ending December 31, 2019

Tax Cuts and Jobs Act
Implications
6
 Corporate income tax rate reduction from 35 percent to 21 percent
 Uncertain how and when Sharyland’s rates or financial statements will reflect an
income tax allowance at the lower corporate tax rate
• Upon implementation, the Company expects that lease payments for future assets will reflect
the lower corporate tax rate, which would result in a reduction, relative to the Company’s
existing lease terms, in the amount of lease revenue received per dollar of assets
• If implemented prior to the expiration of the current leases, the Company expects that
Sharyland will request a reduction in existing lease payments
 For illustrative purposes, the full-year impact of repricing InfraREIT’s leases with a 21
percent corporate tax allowance, while holding all other inputs constant, would
reduce Non-GAAP EPS by approximately $0.30
• The actual impact will depend on, among other factors, the timing and method of
implementing the new corporate tax rate
 Impact on dividends to InfraREIT shareholders
 REIT dividends were formerly taxed as ordinary income, up to 39.6 percent
 Going forward, REIT dividends will be taxed as business income from pass-through
entities, up to 29.6 percent after applicable deductions
 The Company continues to evaluate these and other potential impacts of the

Additional Implications
7
 InfraREIT will continue to review the Company’s REIT election and
existing lessor-lessee relationship with Sharyland. Potential options
under consideration as part of this review include:
 Maintain REIT status, or
 Convert to a traditional C-corporation structure (De-REIT Transaction),
through the following potential actions:
• Terminate REIT status
• One or more of the following steps:
o Combining SDTS and Sharyland
o Terminating the leases between SDTS and Sharyland
o Other negotiations with Hunt and its affiliates, including seeking to terminate or
renegotiate the following:
• Management agreement
• Development agreement
• Other related agreements
 InfraREIT has not set a specific timeline for completing this review

Forward Outlook
8
 Current guidance, excluding the potential impacts relating to the Tax
Cuts and Jobs Act:
 2017 EPS range of $1.15 to $1.19
 2018 EPS range of $1.32 to $1.42
 2017 Non-GAAP EPS range of $1.20 to $1.24
 2018 Non-GAAP EPS range of $1.25 to $1.35
 Transmission capital expenditures for 2017 – 2019 in the range of $180
million to $300 million
 Expect to maintain current quarterly cash dividend of $0.25 per share, or
$1.00 per share annualized
 The Company expects to provide additional information on the forward
outlook and guidance on the year-end earnings call

2017E – 2019E Footprint Capital Expenditures
Transmission only; as of November 2, 2017
9
Transmission capex guidance range of $180 million – $300 million for 2017 – 2019
Long-term opportunities tied to generation interconnections and renewables expansion, regional
growth and new projects required to improve reliability and relieve congestion
$ millions 2017 2018 2019
Base Footprint Capex $30 - $40 $40 - $70 $10 - $35
Synchronous
Condensers & Second
Circuit
$90 - $100 $10 - $30 $0 - $25
Total Footprint Capex $120 - $140 $50 - $100 $10 - $60

Growth and Financing Strategy
10
Focus on
Regulated
Asset
Opportunities
Maintain Strong
Financial Profile
Grow
Dividends
► Sign long-term leases that reflect regulated
rate structure
► Construct Footprint Projects
► Opportunistically acquire regulated assets
► Maintain significant liquidity to support
capex plan and financial flexibility
► Maintain 55 percent debt to capitalization
at InfraREIT’s regulated subsidiary, SDTS
► Target consolidated credit metrics of
60 percent debt to capitalization and
12 percent AFFO to debt

Schedule 1:
Explanation and Reconciliation of Non-GAAP EPS
Q3 2017 vs. Q3 2016
12
($ thousands, except per share amounts)
Q3 2017
Amount Per Share (3)
Q3 2016
Net income attributable to InfraREIT, Inc. $ 15,330 $ 0.35 $ 17,041 $ 0.39
Net income attributable to noncontrolling interest 5,908 0.35 6,560 0.39
Net income 21,238 0.35 23,601 0.39
Base rent adjustment (1) (1,479) (0.02) (1,396) (0.02)
Transaction costs (2) 1,972 0.03 — —
Non-GAAP net income $ 21,731 $ 0.36 $ 22,205 $ 0.37
Non-GAAP EPS
InfraREIT defines non-GAAP net income as net income (loss) adjusted in a manner the Company believes is appropriate to show its core
operational performance, including an adjustment for the difference between the amount of base rent payments that the Company receives with
respect to the applicable period and the amount of straight-line base rent recognized under GAAP and an adjustment for the transaction costs
related to the pending asset exchange transaction with Oncor. The Company defines Non-GAAP EPS as non-GAAP net income (loss) divided
by the weighted average shares outstanding calculated in the manner described in the footnotes below.
The following table sets forth a reconciliation of net income attributable to InfraREIT, Inc. per diluted share to Non-GAAP EPS for the three
months ended September 30, 2017 and 2016:

Schedule 1:
YTD 2017 vs. YTD 2016
13
Non-GAAP EPS
The following table sets forth a reconciliation of net income attributable to InfraREIT, Inc. per diluted share to Non-GAAP EPS for
the nine months ended September 30, 2017 and 2016:
YTD 2017
YTD 2016
Net income 42,384 0.70 41,562 0.69
Base rent adjustment (1) (180) — 4,602 0.07
Transaction costs (2) 3,909 0.06 — —

14
Schedule 1:
(1) This adjustment relates to the difference between the timing of cash base rent payments made under the Company’s leases and
when the Company recognizes base rent revenue under GAAP. The Company recognizes base rent on a straight-line basis over
the applicable term of the lease commencing when the related assets are placed in service, which is frequently different than the
period in which the cash rent becomes due.
(2) This adjustment reflects the transaction costs related to the pending asset exchange transaction with Oncor. These costs are
exclusive of the Company’s routine business operations or typical rate case costs and have been excluded to present additional
insights on InfraREIT’s core operations.
(3) The weighted average common shares outstanding of 43.8 million was used to calculate net income attributable to InfraREIT, Inc.
per diluted share. The weighted average redeemable partnership units outstanding of 16.9 million was used to calculate the net
income attributable to noncontrolling interest per share. The combination of the weighted average common shares and
redeemable partnership units outstanding of 60.7 million was used for the remainder of the per share calculations.

Schedule 2:
Explanation and Reconciliation of CAD
Q3 2017 vs. Q3 2016
15
CAD
The Company defines CAD in a manner that it believes is appropriate to show its core operational performance, which includes a
deduction of the portion of capital expenditures needed to maintain its net assets. This deduction equals depreciation expense
within the applicable period. The portion of the capital expenditures in excess of depreciation, which the Company refers to as
growth capital expenditures, will increase the Company’s net assets. The CAD calculation also includes various other
adjustments from net income, as outlined below and described in more detail on Schedules 1, 3 and 4.
The following table sets forth a reconciliation of net income to CAD for the three months ended September 30, 2017 and 2016:
(1) See footnote (1) on Schedule 1 on Explanation and Reconciliation on Non-GAAP EPS
(3) Includes allowance for funds used during construction (AFUDC) on other funds of $0.3 million and $1.0 million for the
three months ended September 30, 2017 and 2016, respectively
($ thousands) Q3 2017 Q3 2016
Net income $ 21,238 $ 23,601
Depreciation 13,328 11,828
Base rent adjustment (1) (1,479) (1,396)
Amortization of deferred financing costs 1,071 1,003
Non-cash equity compensation 143 230
Transaction costs (2) 1,972 —
Other income, net (3) (331) (1,024)
Capital expenditures to maintain net assets (13,328) (11,828)
CAD $ 22,614 $ 22,414

Schedule 2:
Explanation and Reconciliation of CAD
YTD 2017 vs. YTD 2016
16
CAD
The following table sets forth a reconciliation of net income to CAD for the nine months ended September 30, 2017 and 2016:
(3) Includes AFUDC on other funds of $0.3 million and $2.9 million for the nine months ended September 30, 2017 and
2016, respectively
($ thousands) YTD 2017 YTD 2016
Net income $ 42,384 $ 41,562
Base rent adjustment (1) (180) 4,602
Amortization of deferred financing costs 3,101 3,010
Non-cash equity compensation 428 750
Capital expenditures to maintain net assets (38,997) (34,312)
CAD $ 49,291 $ 47,004

Schedule 3:
Explanation and Reconciliation of EBITDA
and Adjusted EBITDA
Q3 2017 vs. Q3 2016
17
EBITDA and Adjusted EBITDA
InfraREIT defines EBITDA as net income (loss) before interest expense, net; income tax expense; depreciation and amortization.
Adjusted EBITDA is defined as EBITDA adjusted in a manner the Company believes is appropriate to show its core operational
performance, including: (a) an adjustment for the difference between the amount of base rent payments that the Company receives
with respect to the applicable period and the amount of straight-line base rent recognized under GAAP; (b) an adjustment for the
transaction costs related to the pending asset exchange transaction with Oncor; and (c) adjusting for other income (expense), net.
The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended
September 30, 2017 and 2016:
(1) See footnote (1) on Schedule 1 on Explanation and Reconciliation of Non-GAAP EPS
(3) See footnote (3) on Schedule 2 on Explanation and Reconciliation of CAD
($ thousands) Q3 2017 Q3 2016
Net income $ 21,238 $ 23,601
Interest expense, net 10,357 9,379
Income tax expense 308 299
EBITDA 45,231 45,107
Adjusted EBITDA $ 45,393 $ 42,687

Schedule 3:
Explanation and Reconciliation of EBITDA
and Adjusted EBITDA
YTD 2017 vs. YTD 2016
18
EBITDA and Adjusted EBITDA
The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA for the nine months ended
September 30, 2017 and 2016:
Net income $ 42,384 $ 41,562
Interest expense, net 30,196 27,276
Income tax expense 873 778
EBITDA 112,450 103,928
Adjusted EBITDA $ 115,828 $ 105,610

19
Schedule 4:
Explanation and Reconciliation of FFO and AFFO
Q3 2017 vs. Q3 2016
FFO and AFFO
The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (computed in accordance with GAAP),
excluding gains and losses from sales of property (net) and impairments of depreciated real estate, plus real estate depreciation and
amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint
ventures. Applying the NAREIT definition to the Company’s consolidated financial statements, which is the basis for the FFO and the
reconciliations below, results in FFO representing net income (loss) before depreciation, impairment of assets and gain (loss) on sale of
assets. FFO does not represent cash generated from operations as defined by GAAP and it is not indicative of cash available to fund all
cash needs, including distributions.
AFFO is defined as FFO adjusted in a manner the Company believes is appropriate to show its core operational performance, including:
(a) an adjustment for the difference between the amount of base rent payments that the Company receives with respect to the
applicable period and the amount of straight-line base rent recognized under GAAP; (b) an adjustment for the transaction costs related
to the pending asset exchange transaction with Oncor; and (c) adjusting for other income (expense), net.
The following table sets forth a reconciliation of net income to FFO and AFFO for the three months ended September 30, 2017 and
2016:
($ thousands) Q3 2017 Q3 2016
Net income $ 21,238 $ 23,601
FFO 34,566 35,429
AFFO $ 34,728 $ 33,009

Schedule 4:
Explanation and Reconciliation of FFO & AFFO
YTD 2017 vs. YTD 2016
20
FFO and AFFO
The following table sets forth a reconciliation of net income to FFO and AFFO for the nine months ended September 30, 2017 and
2016:
Net income $ 42,384 $ 41,562
FFO 81,381 75,874
AFFO $ 84,759 $ 77,556

Schedule 5:
2016 Quarterly and Full Year
21
2016 Non-GAAP EPS
The following tables set forth a reconciliation of net income attributable to InfraREIT, Inc. per diluted share to Non-GAAP EPS for
each quarter of 2016:
Q1 2016
Q2 2016
Net income 8,777 0.14 9,184 0.15
Base rent adjustment (1) 3,035 0.05 2,963 0.05
Q3 2016
Q4 2016
Net income 23,601 0.39 27,739 0.46
Base rent adjustment (1) (1,396) (0.02) (567) (0.01)

Schedule 5:
2016 Quarterly and Full Year
22
2016 Non-GAAP EPS
The following table sets forth a reconciliation of net income attributable to InfraREIT, Inc. per diluted share to Non-GAAP EPS for
the full year of 2016:
Full Year 2016
Net income attributable to InfraREIT, Inc. $ 49,954 $ 1.14
Net income attributable to noncontrolling interest 19,347 1.14
Net income 69,301 1.14
Base rent adjustment (1) 4,035 0.07
Non-GAAP net income $ 73,336 $ 1.21

Schedule 6:
Forecasted Guidance for 2017 and 2018
Reconciliation of GAAP to Non-GAAP
23
Forecasted Guidance for 2017 and 2018, excluding the potential impacts from the Tax Cuts and
Jobs Act
The Company has reinstated yearly guidance for Non-GAAP EPS, which is one of the supplemental financial measures it
uses in evaluating the Company’s operating performance. The Company believes that Non-GAAP EPS helps the
Company and investors better understand the Company’s business and performance by providing perspectives not
immediately apparent from net income.
The following table sets forth a reconciliation of the forecasted GAAP net income attributable to InfraREIT, Inc. per share
to Non-GAAP EPS for the years ending December 31, 2017 and 2018:
(Per share amounts)
Full Year 2017
Low High
Full Year 2018
Low High
Net income attributable to InfraREIT, Inc. $ 1.15 $ 1.19 $ 1.32 $ 1.42
Net income attributable to noncontrolling interest 1.15 1.19 1.32 1.42
Net income 1.15 1.19 1.32 1.42
Base rent adjustment (0.03) (0.03) (0.08) (0.08)
Transaction costs 0.08 0.08 0.01 0.01
Non-GAAP EPS $ 1.20 $ 1.24 $ 1.25 $ 1.35

Q3 2017 Performance Summary
$ millions, except per share amounts
25
Lease revenue slightly better than expectations; Lease revenue growth was less than the increase in rate base due to lower
lease pricing; Net income was lower due to lower lease pricing, asset exchange transaction costs and reduced AFUDC-equity
Net Income Attributable to InfraREIT, Inc.
Common Stockholders Per Share (EPS)
$0.39
$0.35
Q3 2016 Q3 2017
Lease Revenue
$49.4 $51.6
Q3 2016 Q3 2017
+4%
Net Income
$23.6 $21.2
Q3 2016 Q3 2017
-10%
-10%

Q3 2017 Performance Summary
26
Non-GAAP results flat to up versus 2016 and ahead of expectations
Cash Available for Distribution
$22.4 $22.6
Q3 2016 Q3 2017
Non-GAAP EPS
$0.37 $0.36
Q3 2016 Q3 2017
Adjusted EBITDA
$42.7
$45.4
Q3 2016 Q3 2017
+6%
+1%
-3%

September YTD 2017 Performance Summary
27
Growth in lease revenue slightly ahead of expectations; Net income growth dampened by lower lease pricing, expenses
related to the asset exchange transaction and reduced AFUDC
Net Income Attributable to InfraREIT, Inc.
Common Stockholders Per Share (EPS)
$0.69 $0.70
YTD 2016 YTD 2017
Lease Revenue
$116.9
$131.7
YTD 2016 YTD 2017
+13%
Net Income
$41.6 $42.4
YTD 2016 YTD 2017
+2%
+1%

September YTD 2017 Performance Summary
28
Non-GAAP results flat to up versus 2016 and ahead of expectations
Cash Available for Distribution
$47.0 $49.3
YTD 2016 YTD 2017
Non-GAAP EPS
$0.76 $0.76
YTD 2016 YTD 2017
Adjusted EBITDA
$105.6
$115.8
YTD 2016 YTD 2017
+10%
+5%

Drivers of Non-GAAP EPS Metric
$ millions
29
Q3 2017 vs. Q3 2016
$22.2
2.2
0.1
1.5
1.4
2.0
0.7 1.0
$21.7
5
10
15
20
25
30
Q3 2016
Non-GAAP
Net Income
Lease
Revenue
Base Rent
Adjustment
Depreciation G&A Transaction
Costs
Other
Income, net
Interest
Expense
Q3 2017
Non-GAAP
Net Income
-
-
-
- -

Drivers of Non-GAAP EPS Metric
$ millions
30
$46.2
14.8
4.8
4.7
3.7
3.9
2.6
3.0
$46.1
5
15
25
35
45
55
65
2016 YTD
Non-GAAP
Net Income
Lease
Revenue
Base Rent
Adjustment
Depreciation G&A Transaction
Costs
Other
Income, net
Interest
Expense
2017 YTD
Non-GAAP
Net Income
-
-
- -
-
2017 YTD vs. 2016 YTD

Non-GAAP EPS Calculation Change
As of June 30, 2017
31
 As reported during the Q2 2017 earnings call, InfraREIT’s
calculation of Non-GAAP EPS no longer includes an adjustment
for percentage rent
 Does not impact total year Non-GAAP EPS
 Changes the quarterly profile of Non-GAAP EPS
 Percentage rent revenue is only recognized once Sharyland’s
revenue has exceeded an annual specified breakpoint in the
leases – generally occurs in the third quarter of each year
 Expect Q3 and Q4 EPS and Non-GAAP EPS to be higher than Q1 and
Q2 EPS and Non-GAAP EPS each year
• Little to no percentage rent recognized in Q1 and Q2 of each year and
largest amounts recognized in Q3 and Q4

$0.14 $0.15
$0.39
$0.46
$1.14
$0.19 $0.20
$0.37
$0.45
$1.21
Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 Total
EPS Non-GAAP EPS
Updated Non-GAAP EPS Metric
2016 Quarterly Results
32
EPS and Non-GAAP EPS have similar quarterly earnings profiles when Non-GAAP EPS
does not include a percentage rent adjustment
As currently calculated, >65% of Non-GAAP EPS occurred in the second half of 2016

Updated Non-GAAP EPS Metric
2017 vs. 2016 Non-GAAP EPS Quarterly Comparison
33
$0.19 $0.20
$0.37
$0.45
$1.21
$0.20 $0.20
$0.36
Q1 Q2 Q3 Q4 Total
2016 Non-GAAP EPS 2017 Non-GAAP EPS
2017 Non-GAAP EPS performance in line with expectations

Asset Exchange Transaction and
Rate Case Dismissal
34
 SDTS exchanged $401 million of assets for ~$383 million of
Transmission assets and ~$18 million of cash from Oncor
 SDTS and Sharyland’s rate case was dismissed as of
November 9, 2017
 PUCT granted SDTS a certificate of convenience and necessity
 Key regulatory parameters in place until the next rate case,
which SDTS and Sharyland have committed to file in 2020,
based on a test year ending December 31, 2019
 Strategic focus on the long-term growth of InfraREIT’s
transmission business

Interconnections Agreements
for Panhandle Generation
35
208 208
1,278
2,672
3,429
4,731 4,731 4,731 4,731
1,059
1,547 1,547
554
2,168
2,768
208 MW 208 MW
1,278 MW
2,672 MW
3,429 MW
4,731 MW
6,344 MW
8,446 MW
9,046 MW
0 MW
2,000 MW
4,000 MW
6,000 MW
8,000 MW
10,000 MW
2012 2013 2014 2015 2016 2017 2018 2019 2020
Cumulative MW Installed IA Signed - Financial Security Posted IA Signed - No Financial Security
Source: ERCOT – Fall 2017 Final Seasonal Assessment of Resource Adequacy and Generation Interconnection Status Report (September 2017)

Hunt Projects (1)
As of November 2, 2017
36
Project State Net Plant
Golden Spread TX ~ $90 mm
Cross Valley TX ~ $168 mm
Project State Status
Generation Interconnections TX Development
South Plains / LP&L Integration TX Development
Nogales – DC Tie AZ Development
Southline AZ – NM Development
Construction or Development Projects
Assets in Operation
(1) InfraREIT holds a right of first offer applicable to many, but not all, of Hunt’s development projects. However, Hunt has informed InfraREIT that it intends for
InfraREIT to be the primary owner of its development projects as they are completed and placed in service.

Debt Obligations and Liquidity
$ millions
37
Long-Term Debt (rate / maturity)
Outstanding
As of
September 30, 2017
TDC – Senior Secured Notes (8.50% / December 30, 2020) $ 16.6
SDTS – Senior Secured Notes (5.04% / June 20, 2018) 60.0
SDTS – Senior Secured Term Loan (2.33% / June 5, 2020) 200.0
SDTS – Senior Secured Notes, Series A (3.86% / December 3, 2025) 400.0
SDTS – Senior Secured Notes, Series B (3.86% / January 14, 2026) 100.0
SDTS – Senior Secured Notes (7.25% / December 30, 2029) 41.1
SDTS – Senior Secured Notes (6.47% / September 30, 2030) 94.0
Total (1) $ 911.6
Liquidity Facilities Amount
Outstanding
As of
September 30, 2017 Available
InfraREIT Partners Revolver $ 75.0 $ — $ 75.0
SDTS Revolver 250.0 35.0 215.0
Total $ 325.0 $ 35.0 $ 290.0
Cash (as of September 30, 2017) 4.2
Total Available Liquidity $ 294.2
(1) The sum of the Long-Term Debt Total may not equal due to rounding.

38
Structure Mechanics
SDTS (2)
 SDTS owns our
regulated assets and
leases them to
Sharyland
 Sharyland collects rate-
regulated revenue from
other utilities
 Sharyland makes regular
lease payments to SDTS
 InfraREIT pays dividends
to stockholders
1
2
3
4
Shareholders
InfraREIT (1)
Hunt Family
Sharyland
Utilities
Utilities
Regulated Services Cash
Lease
Rent
1
2
3
4
 Ownership (3)
 Hunt Manager
 Hunt Developer
100% Interest
(1) Represents InfraREIT, Inc., InfraREIT Partners, LP (Operating Partnership) and Transmission and Distribution Company, L.L.C. (TDC)
(2) Represents Sharyland Distribution & Transmission Services, L.L.C. (SDTS)
(3) Represents Hunt Transmission Services, L.L.C. (limited partner of the Operating Partnership, shareholder of InfraREIT and Hunt Developer)
Conducted business as a REIT since 2010
Hunt
Consolidated,
Inc.

39
Governance and Management
Board Structure
Management
Related Party
Transactions
Management
Agreement
» 9 total members, 6 independent
» CEO, CFO and General Counsel are officers of InfraREIT and Hunt
Manager; InfraREIT’s CEO is also CEO of Sharyland
» Require majority approval by the independent board members (i.e.
Hunt project acquisitions)
» Responsible for the day-to-day business and legal activities of
InfraREIT
» Annual base fee equal to $14.2 million for April 1, 2017 through
March 31, 2018 representing 1.50% of total book equity as of year-
end 2016
◊ Capped at $30 million per year
» Incentive fee equal to 20% of quarterly dividends per share in excess
of the threshold distribution amount payable quarterly
◊ 2017 dividend per share: $0.25
◊ Threshold dividend: $0.27

2018 0111 evercore_isi_final

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